A booming holiday shopping weekend may have offered a brief economic high, but retail giants are warning consumers the Trump administration’s sweeping tariffs will soon hit their pockets.

Those warnings undercut the White House’s victory lap over record Thanksgiving-weekend spending, which officials have trumpeted as proof that President Donald Trump’s trade war hasn’t bruised shoppers. But the insulation that kept prices in check through the fall was temporary, economists say, and retailers are now nearing the end of the inventory they locked in before tariffs spiked. Once that cushion disappears, they say, shock will follow.

Joseph Feldman, a senior managing director at Telsey Advisory Group, told Politico that retailers managed to shield consumers through the holiday season, but “in

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